Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) has posted second-quarter results, notably featuring growing cash on hand, which the company believes is sufficient to fund its operations into the fourth quarter of 2021.
The company had $77 million in cash and equivalents as of June 30, 2020, up from $70.1 million at the end of 2019. During the quarter, the company had offerings for more than 5.6 million shares, netting $27.2 million in proceeds.
Research and development expenses totaled $17.3 million in the three months ended June 30, compared to $8.2 million in the same period last year. The Pennsylvania-based company’s net loss for the quarter was $20.3 million, $0.78 per share.
READ: Zynerba to present Zygel CBD gel caregiver data at Fragile X Syndrome conference
During the quarter, the company also made progress in evaluating its CBD Zygel as a treatment for Fragile X syndrome. An ad hoc analysis of its recent CONNECT-FX trial showed that Zygel achieved statistical significance in improving behavioral metrics among the most severely impacted patients — 80% of the total participants — after 12 weeks.
The median improvement measured by the Social Avoidance subscale of the Fragile X Aberrant Behavior Checklist was 40% for patients on Zygel and 21% for patients on placebo.
“We have made solid progress over the past few months towards our core mandate of developing important new therapies for patients suffering from underserved rare and near rare neuropsychiatric disorders,” Zynerba CEO Armando Anido said in a statement.
“Regarding our pivotal CONNECT-FX data in Fragile X Syndrome, we continue to evaluate the data and believe that we have identified an important and severely impacted patient population that responded well to ZygelCBD gel.”
Zygel also showed promise as a treatment for patients with Autism Spectrum Disorder, the company said.
"We also announced positive data from the Phase 2 BRIGHT trial in autism spectrum disorder during the quarter,” Anido said. “We expect to meet with the US Food and Drug Administration in the second half of this year to discuss the results from both trials and to clarify the paths forward.”
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